MNI China Daily Summary: Friday, April 19

MNI BRIEF: China Hog Market More Balanced In Q2 - Ministry

MNI: PBOC Conducts CNY2 Bln Via OMO Fri; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: PBOC Sets Yuan Parity Higher At 7.1046 Fri; -5.03% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1046 FRI VS 7.1020

INE Business Confidence Data Supports Upward Revisions In Q1 GDP Forecasts

MNI: GERMANY FEB PRODUCER PRICES -2.9% Y/Y

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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(X2) Bear Threat Still Present

WTI TECHS
  • RES 4: $97.91 - High Jul 29 and a reversal trigger
  • RES 3: $96.82 - High Aug 30 and key resistance
  • RES 2: $89.35 - 50-day EMA
  • RES 1: $86.68 - High Sep 21
  • PRICE: $83.41 @ 07:15 BST Sep 23
  • SUP 1: $81.73/80.89 - Low Sep 19/ 8 and the bear trigger
  • SUP 2: $79.31 - Low Feb 18
  • SUP 3: $77.86 - Low Feb 1
  • SUP 4: $75.70 - Low Jan 24

A bearish threat in WTI futures remains present. The recent break of support at $84.25, the Jul 14 low, confirmed a resumption of the downtrend that started Jun 8 and marks the end of a broad sideways move that has been in place since mid-July. This has strengthened bearish conditions and a continuation lower would open $79.31 next, the Feb 18 low. Key short-term resistance is unchanged at $89.35, the 50-day EMA.

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